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, and a billionaire. >> federal court proceedings begin tomorrow that could end with stockton entering bankruptcy. eight years ago it was all good times for stockton, a new waterfront, a new hockey arena, and taxpayer financed baseball park. higher salaries and benefits based on anticipated increasing property tax revenue. then the recession hit. stockton soon was $1 billion in debt. monday, stockton may become the most populace city in the country to enter chapter 9. >>> besides gay marriage the supreme court will also hear arguments tomorrow on a case involving billions of couldn't summer dollars. at issue is brand name drug companies keeping lower priced versions off the shelves. federal officials will argue the deals cost $3 billion a year by delaying launch of cheaper generics. >>> just ahead, an alert for a bart passengers. some can expect delays for up to 14 months. >>> here's an unusual sight. a california home owner hopes his insurance will cover this. the woman inside the car explains how in the world that happened. >> looking outside, we enjoyed a sunny sunday but cloud are rolling in,
. heather: good thing. all right so growing concerns for the future of u.s. cities as stoc stockton, california heads to bankruptcy court. they racked up a billion dollars in debt in two years. we hear about other places in similar situation. some are wondering whether other u.s. cities will soon follow. matt mccall is president of financial group l. l. c. and countdown to the closing bell on fox network. california's 13th largest city officially heading to bankruptcy court today. a city in detroit trying to avoid the same thing, the largest city ever to be put under state control. if i live in a small town say in mississippi, i live in a farming community out in midwest or here in the big city of new york city, why do i care, how does it effect me, liz? >> it is interesting if you are part of a municipality that is in debt. when it comes to the clip that happened here situation probably unlikely unless your city finances are in such arrears and a dire state that you too should be watching. everyone can learn a lesson with what is happening in stockton, california today. heather: ta
service come august. i am ann rubin, ktvu channel 2 morning news. >>> the city of stockton goes to court and if they find they have done everything possible to pay its debts, they will become the largest to go bankrupt. they plan to say that the city has not done enough to cut spending but stockton faces another million dollar shortfall on july 1st. >>> two men died in a sky diving accident and in zephyr hills, the men did not deploy their parachutes. the student and teacher were jumping separately and the backup parachutes did not have enough time to deflate. this do this every year with sky diving. >>> they went up in flames last night while he was on the court in san jose and the third round of the ncaa tournament. michael carter williams' family was watching the game in the family home north of boston. nobody was hurt and investigators believe the fire started in a wood stove outside. later williams used twitter to update everybody and thanked everybody for prayers and said all that is important is that my family is okay. >>> take a look at this, a couple rescued from a car on top of
, stockton is poised to become the most populous in the nation to enter bankruptcy when its trial begins tomorrow in federal court. creditors who lent stockton money are challenging its chapter 9 bankruptcy petition, but most observers say the city of 300,000 will be successful. its largest creditors are bond insurers who helped the city refinance pension debt. >> we are seeing changes with the wind coming off the ocean and increase with clouds.hall signs of changes. even wet weather. temperatures are cooling to 50 degrees in san francisco fairfield, brentwood. low clouds coming off the ocean. tomorrow you will see gray skies but as we go for the afternoon some high clouds with clouds and gusting winds will be expected. and on the in income if chance for rainfall. new york's coney island is now open for business. today senator chuck schumer the start of the park's season. coney island opens the week before easter every year. but this year a lot of work had to be done to the electrical system that was damaged during superstorm sandy. officials say that today's celebrations serve as a remi
everything possible to pay its debt, stockton would be first city to file for bankruptcy. >>> lawyers for dr. conrad murray argue that prosecutors didn't prove jackson was hooked up to an i.v. drip of the drug that killed him. the defense theory claims that jackson administered the deadly doze himself while murray was away. murray is currently serving four years in prison. >>> apple has acquired a palo alto start up for a reported $20 million. wifi slam focuses on indoor mapping and has developed technology that can locate a users location using wifi. the purchase is among several the cupertino company has made in recent years in an effort to improve it's mapping capabilities. >>> the san jose city council is expected to improve an incentive couple for the expansion of samsung semi conductor. the deal was outlined in a signing with governor brown and senator reed. it includes reimbursements. samsung is a subsidiary of samsung electronics. >>> for many christians, easter is a time to reflect on god's gift to mankind but for others it can be a chance to delight on candy and sweets. there weeke
Search Results 0 to 4 of about 5